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Chapter I Accounting in Business Exercise 1-10 Identifying effects of transactions using the accounting equation...

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Chapter I Accounting in Business Exercise 1-10 Identifying effects of transactions using the accounting equation Lena Holden began a professional practice each month. During June, Holden (the owner) completed these transactions: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,500 cash earned. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. f. The company purchased additional equipment for $6,000 cash. g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in trans- action e i. The company paid $10,000 cash to settle the liability created in transaction c. j. Owner withdrew $1,000 cash from the company for personal use. on June 1 and plans to prepare financial statements at the end of P1 Required Chock S8 000

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